The aerial parts of methanol extract of Oxystelma esculentum (MEOE) (Asclepiadaceae) was evaluated for in vitro lipid peroxidation and antimicrobial activity. Lipid peroxidation was assayed by the change in optical density of the various concentrations (20 - 320 ${mu}g$/ml) and the percentage inhibition was estimated. Ascorbate/FeSO4-induced peroxidation was inhibited by MEOE and standard antioxidants such as BHA, BHT and the percentage inhibition of the methanol extract was increased with dose dependent manner. The $IC_{50}$ value of the MEOE, BHA and BHT for lipid peroxidation was found to be 135.24 ${mu}g$/ml, 25.62 ${mu}g$/ml and 17.13 ${mu}g$/ml, respectively. The antimicrobial activity of MEOE was determined by disc diffusion method with three grampositive, five gram-negative and two fungal microorganisms. MEOE exhibited the antimicrobial activity against the tested microorganisms except Salmonella typhimurium (MTCC 98). In present study, it is concluded that MEOE has significant effect in the inhibition of lipid peroxidation and possesses good antimicrobial activity.